Wheat exports fetch good prices

KARACHI: World wheat prices have dipped, but some export shipments from Pakistan surprisingly fetched better prices.
Average world wheat price in February 2015 was $237 per tonne as compared to $269 in December 2014 and $248 in January 2015.
In contrast, wheat exports from Pakistan in February 2015 rose to 3,501 tonnes fetching $1.036 million or $296 per tonne as compared to 152 tonnes in December 2014, earning $50,000 or $329 per tonne.
However in January 2015, exports stood at 176 tonnes, fetching $60,000 or $341 per tonne.
Pakistan imported 686,852 tonnes of wheat from Black Sea region costing $185 million or at the rate of $269 per tonne in July-February 2014-2015 as compared to 377,402 tonnes worth $107 million or at the rate of $283 per tonne in the same period in the last fiscal year.
Pakistan Flour Mills Association (PFMA) chairman Mahmood Hassan met Trade Development Autho­rity of Pakistan Chairman and CEO S.M. Muneer on Friday to discuss export of wheat products.
The PFMA chairman suggested to the TDAP chief to engage professional team and experts of the authority to explore international export markets to earn valuable foreign exchange.
Another option is to destroy our wheat stocks due to lack of storage facilities.
International wheat and wheat product prices had been falling in world markets, he claimed.
He was of the view that this year the country would be having at least five million tonnes excess production and after adding the carry forward stocks of last year, it would become 10 million tonnes.